One of the Well-Established Bitcoin Exchange in the UK started in 2013 lays off its employees. This move by the firm has bought a shock to other Crypto exchanges and financial industry in the UK.
As reported by FnLondon, Coinfloor a well-established bitcoin exchange backed by VC firm Passion Capital and Taavet Hinrikus founder of TransferWise. The firm is laying off around 40 employees, according to two sources.
The Chief Executive of Coinfloor, Obi Nwosu confirmed about the lay off of the company and didn’t actually mention the number of employees being laid off.
Obi Nwosu also said that,
“Coinfloor is currently undergoing a business restructure to focus on our competitive advantages in the marketplace and to best serve our clients. As part of this restructure, we are making some staff changes and redundancies.”
It is normal for a company to develop and make these layoffs depending on the market environment he added. Also, the exchange has observed a shift in the trade value in the cryptocurrency market.
Currently, there are around 200 cryptocurrency exchanges around the world, this stats are as per CoinMarketCap data. And Coinfloor is one of the oldest because it started in October 2013.
Also, Crypto Exchanges have had a constant growth this year and they are improving user experience and security. But now we see there is a layoff by one of the crypto exchanges. This is due to the market environment the Chief Executive of Coinfloor says but is this faced by only one crypto exchange or others are affected by it we are yet to know.